Latest news with #888
Barnama
a day ago
- Business
- Barnama
CPO FUTURES SLIP ON WEAK SOYBEAN OIL, SNAPPING 5-DAY RALLY
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its five-day rally to close lower on Friday, dragged down by weakness in the soybean oil market, said palm oil trader David Ng. He noted that key support and resistance levels are seen at RM3,800 and RM4,000 per tonne respectively. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures close lower as traders booked their profits ahead of the long weekend. At the close, the spot month June 2025 contract lost RM41 to RM3,888 per tonne, July 2025 decreased by RM51 to RM3,491 per tonne, and August 2025 went down RM54 to RM3,878 per tonne. September 2025 was RM51 lower at RM3,870 per tonne, October 2025 slid by RM49 to RM3,870 per tonne, and November 2025 eased RM46 to RM3,874 per tonne. Trading volume fell to 59,698 lots from 69,553 lots yesterday, while open interest narrowed to 241,994 contracts from 244,448 contracts previously. The physical CPO price for June South fell by RM30 to RM3,930 per tonne. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2 in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia and would resume operations on June 3 (Tuesday).
Yahoo
4 days ago
- Business
- Yahoo
Penns Woods Bancorp, Inc. Announces Quarterly Dividend
WILLIAMSPORT, Pa., May 27, 2025 (GLOBE NEWSWIRE) -- Richard A. Grafmyre CFP®, Chief Executive Officer of Penns Woods Bancorp, Inc., (NASDAQ:PWOD) has announced that the Company's Board of Directors declared a second quarter 2025 cash dividend of $0.32 per share. The dividend is payable June 24, 2025 to shareholders of record June 10, 2025. About Penns Woods Bancorp, Inc. Penns Woods Bancorp, Inc. is the bank holding company for Jersey Shore State Bank and Luzerne Bank. The banks serve customers in North Central and North Eastern Pennsylvania through their retail banking, commercial banking, mortgage services and financial services divisions. Penns Woods Bancorp, Inc. stock is listed on the NASDAQ National Market under the symbol PWOD. Previous press releases and additional information can be obtained from the company's website at Contact: Richard A. Grafmyre, Chief Executive Officer 300 Market Street, Williamsport, PA, 17701 (570) 322-1111 (888) 412-5772 pwod@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
24-05-2025
- Business
- Business Recorder
Weekly SPI down 0.29pc
ISLAMABAD: The SPI for the current week ended May 22, decreased by 0.29 percent. Major decrease has been observed in the prices of chicken (7.26 per cent), onions (5.43 per cent), garlic (2.71 per cent), LPG (2.44 per cent), potatoes (0.95 per cent), mustard oil (0.80 per cent), diesel (0.78 per cent), masoor (0.46 per cent), cooking oil (0.14per cent), rice IRRI-6/9 (0.09per cent), firewood (0.06 per cent), and vegetable ghee 2.5kg and sugar (0.05 per cent) each, says Pakistan Bureau of Statistics (PBS). The year-on-year trend depicts an increase of 1.35per cent, ladies sandal (55.62 per cent), chicken (45.12 per cent), moong (30.79 per cent), powdered milk (24.01 per cent), bananas (22.43 per cent), sugar (22.12 per cent), eggs (21.52 per cent), pulse gram (20.70 per cent), beef (17.56 per cent), vegetable ghee 2.5kg (13.86per cent), LPG (13.05per cent), and vegetable ghee 1kg (12.76per cent). On the other hand, the items prices of which decreasedinclude; onions (54.93 per cent), potatoes (30.46 per cent), garlic (29.43 per cent), electricity charges for Q1 (29.40per cent), tea Lipton (17.93per cent), wheat flour (16.63 per cent), maash (16.03 per cent), tomatoes (14.03 per cent), chilies powder (12.30 per cent), rice IRRI-6/9 (8.50per cent), masoor (7.64 per cent) and petrol (7.43 per cent). During the week, out of 51 items, prices of 13 (25.49per cent) items increased, 14 (27.45per cent) items decreased and 24 (47.06per cent) items remained stable. The SPI for the consumption group up to Rs17,732, Rs17,732-Rs22,888, Rs22,889-Rs29,517, Rs29,518-Rs44,175 and above Rs44,175 decreased by 0.26per cent, 0.27per cent, 0.26per cent, 0.28per cent and 0.30per cent respectively. The items prices of which decreased during the period under review include, chicken farm broiler (live) 1kg7.26 per cent, onions 1kg 5.43 per cent, garlic (lehsun) 1kg 2.71 per cent, LPG 11.67 kg cylinder each 2.44 per cent, potatoes 1kg 0.95 per cent, mustard oil (average quality) 1kg 0.80 per cent, hi-speed diesel per litre 0.78 per cent, masoor (washed) 1kg 0.46 per cent, cooking oil Dalda or other similar brand (sn), 5 litre tin each 0.14 per cent. Copyright Business Recorder, 2025
Express Tribune
23-05-2025
- Business
- Express Tribune
Govt to wind up idle depts in budget
Listen to article Days before the presentation of the federal budget, Prime Minister Shehbaz Sharif has instructed ministries to identify redundant government organisations that can be wound up in the budget to save money and to also sort out the issue of power sector subsidies. Government sources told The Express Tribune that after taking a briefing on the new budget, the prime minister constituted about half-a-dozen committees to address major pending issues. The committees have been constituted 10 days before the presentation of the budget in the National Assembly. Finance Minister Muhammad Aurangzeb is scheduled to present the budget on June 2 in the National Assembly. The prime minister asked him to sort out all pending issues by Saturday. The sources said that the ongoing discussions with the International Monetary Fund are expected to conclude today with the most crucial meeting between the IMF, the Federal Board of Revenue and the finance ministry. They said that the FBR remained the thorny issue in the talks and a couple of meetings were also tense in which the IMF staff questioned the credibility of the commitments given by the FBR at the time of the staff level discussions in March. The sources said that after the briefing on the budget, the prime minister decided to constitute the committees to resolve the pending issues. He set the deadlines till May 24 for the ministries aimed at concluding the budget exercise in time. The sources said that the prime minister has instructed all the ministries to review the pink book to identify redundant and dysfunctional organizations and recommended winding up as part of the government's downsizing and cost-cutting agenda. The deadline is May 24th. The prime minister had constituted a cabinet committee on reducing the size of the government, which undertook the exercise in five different phases. However, the results remained below the government's own expectations. The federal rightsizing committee is now expected to complete the review of the purpose and rationale of various state-owned enterprises, which will be completed by end-December 2025. In a briefing to the Senate Standing Committee on Finance last month, the Cabinet Division stated that the drive to reduce government expenditures by abolishing posts would save Rs36 billion annually. It further informed that one-fifth of the savings were ensured by cutting the lowest pay grade-1 posts of gardeners, sweepers and peons. About 40,000 positions have already been either abolished or declared dying positions in the public sector. Out of these 11,558 positions that were either abolished or declared dying belonged to Pakistan's lowest pay scale 1. This is equal to 29% of the total positions that are being abolished. The average salary of pay scale one is Rs42,888 and peons, gardeners and sweepers are recruited in this scale. The committee was informed that abolishing all these nearly 40,000 positions would save annually Rs36.3 billion. But 19% or Rs7 billion savings were against the lowest pay scale 1. The PM also instructed the Finance Minister to submit contours of key budget initiatives and priorities that will form the narrative component of the Budget Speech. The instructions have also been issued to the media publicity wing of the government and the ministry to ensure favourable narrative, the sources added. In an important development, the PM also instructed the Planning Minister and the Finance Minister to hold consultative meetings with relevant ministries to deliberate on proposed plans, projects, and initiatives for the fiscal year 202526. The committee has been tasked to finish the job by today (Friday) and ensure that only those projects are added in the Public Sector Development Programme that can be fully funded in the midst of scarcity of the resources. The sources said that the Deputy Prime Minister Ishaq Dar is expected to chair a meeting today (Friday) to finalize the next year's PSDP. The development budget size remains uncertain, as the Planning Ministry and the coalition partners have termed the Rs921 billion proposed size insufficient. The sources said that the PM asked the concerned party that the agreed-upon proposals, along with a summary of key initiatives from all important ministries, should be submitted for his consideration. The sources said that one of the outstanding issues is how much money should be allocated for discretionary spending under the parliamentarians programme. The original allocation for this fiscal year was roughly Rs50 billion but the chances are the spending will be higher than this, contrary to cuts against other ministries. For the next fiscal year, the government is facing pressure to allocate a larger pie for these schemes, known as SDGs Achievement Programme. Ishaq Dar on Thursday chaired the 45th meeting of the Steering Committee on SDGs Achievement Programme (SAP). Dar stressed the importance of involving local communities in identifying basic development infrastructure projects. He emphasized the Government's resolve to ensure that resources are utilized in the best interest of Pakistan's citizens, aligning them with the Sustainable Development Goals (SDGs). It was decided that unallocated funds will be surrendered while the implementing agencies were directed to utilize the allocated funds efficiently and responsibly. However, the unspent money is hardly Rs2 billion, said the sources. The PM has also asked the Finance and Power ministries to sort out the issue of the quantum of power subsidies. A meeting between both the ministries took place on Thursday but the issue remained unresolved, said a senior ministry official. The government has allocated Rs1.04 trillion for power subsidies for the next fiscal year, which is equal to 0.8% of the GDP. The sources said that the Power Division was asking for roughly Rs180 billion more on account of share from the petroleum levy. Shehbaz Sharif had increased the levy rate by Rs10 per liter to reduce the cost of electricity by Rs1.71 per unit. The PM instructed that the Power Division and Finance Division should further fine-tune the proposal regarding allocation of Petroleum Development Levy (PDL) for providing tariff subsidies, said the sources. The PM asked the Petroleum Division to take lead and sort out the issue of input tax adjustments of the refineries. The Petroleum Division has been asked to sort out the issue in consultation with the Finance Division and Revenue Division by Saturday.
The Star
20-05-2025
- Business
- The Star
SimeProp's industrial properties to lift earnings
PETALING JAYA: Sime Darby Property Bhd (SimeProp) has achieved 100% take-up for the latest instalment of its linked homes in The Nine, Elmina Green, development located in Shah Alam, Selangor. In a statement, the developer said the latest launch saw all 192 double-storey linked homes snapped up, reinforcing the strong demand observed during a March preview. Targeted for completion in June 2026, The Nine, Elmina Green has a gross development value of RM198.2mil. Built-up areas for the homes range from 2,000sq ft to 2,342sq ft, with prices starting from RM921,888. Meanwhile, RHB Research said in a report that SimeProp's earnings potential from the upcoming lease of two data centres in Elmina Business Park is under-appreciated by the market. The research house noted that management also strengthened its investment-property portfolio recently by acquiring the remaining stake in two modern logistics warehouses that are worth RM232mil, potentially paving the way for a real estate investment trust (REIT) listing in one to two years. 'The REIT should have a high concentration of good quality industrial properties, which should garner a premium valuation,' RHB Research said. Thus far, SimeProp's Data Centre 1 project is on track to be completed in the third quarter of 2026 (3Q26) while the construction work for Data Centre 2 should be up for tender in the second half of this year with completion in 2027. 'While the financing plan for Data Centre 2 has yet to be firmed up, we highlight that SimeProp recently successfully raised a RM800mil sukuk at very attractive rates averaging 4.02% with a tenure of seven to 15 years, and the sukuk was 6.74 times oversubscribed,' the research house said. RHB Research noted that the funds raised would mainly be used for long-term working capital to grow the industrial, logistics and data centre portfolio. 'We do not discount the possibility that SimeProp may look to gear up further to grow its investment-property portfolio. Based on the 2024's financials, the company has debt headroom of RM3.7bil before it hits 0.6 times net gearing (currently at 0.24 times), which should not be a big concern in our view as a REIT listing is always a wild card,' the research house said. RHB Research said the 20-year leases of two data centres are worth RM7.6bil in total. Assuming the group will own 100% of both, the research house estimates that the leases for the data centres could contribute about RM150mil to RM160mil a year after interest and tax in the initial years, boosting net profit by more than 20% from FY28 onwards. The leases are also expected to grow progressively over a 20-year period due to the step-up feature. Currently, SimeProp also has a total of 1.48 million sq ft of net lettable retail area, including the upcoming KLGCC Mall. 'However, its industrial property portfolio is more sizeable, as it currently includes the two logistics warehouses in Bandar Bukit Raja (RM232mil), two hyperscale data centres (around RM6bil), as well as Metrohub 1 and 2 in Bandar Bukit Raja, Selangor, where SimeProp has a 27.4% interest,' RHB Research said. The research house added the group's seven industrial park projects that it currently has in Selangor, Negri Sembilan and Johor would suggest that it will have plenty of opportunities to build its industrial portfolio.
